PFRDA subscriber base surges 22% to 4.75 crore in November

The number of subscribers of the two flagship pension schemes under Pension Fund Regulatory and Development Authority (PFRDA) increased by more than 22 per cent to 4.75 crore in November this year, the pension fund regulatory body said on Friday.

The subscriber base in several schemes under the ambit of the National Pension System (NPS) grew to 475.87 lakh by November-end 2021 from 388.62 lakh in November 2020, manifesting a year-on-year (YoY) rise of 22.45 per cent, PFRDA said, PTI reported.

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Overall pension assets under management stood at 6,87,468 crore, displaying a YoY growth of 29.13 per cent as of November 30, 2021, it added.

The subscribers in the category of central and state government employees of the National Pension System (NPS) rose by 4.71 per cent and 9.74 per cent, respectively, to 22.44 lakh and 54.44 lakh, as per the PFRDA data.

In the corporate sector and all citizen sector of NPS, the subscriber base jumped by 23.73 per cent and 33.81 per cent to 13.19 lakh and 18.88 lakh, respectively.

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However, there was a decline of 2.78 per cent in the subscriber base under NPS Lite to 41.92 lakh, PFRDA said, adding no fresh registration is permitted under this category with effect from April 1, 2015.

The Atal Pension Yojana (APY) customer base rose by 30.16 per cent during the month to 3.25 crore (325 lakh).

NPS and APY are two flagship schemes of the PFRDA. While NPS is mainly meant for employees working in the organised sector, APY is mainly meant for those working in the unorganised sector.